Flipkart raises $1 bn funding, highest ever in Indian e-commerce
Singapore (DIPLOMAT)- e-Commerce giant Flipkart announced raising $1 billion from new and existing investors. Singapore’s sovereign wealth fund GIC is the new investor, which has participated in the fresh round of funding. The company has raised $760 million in the past seven years. With the latest round of fund raising the company is currently valued at about $5 billion, according to industry estimates.
The company will shape the market and ecosystem for e-commerce in India. “We will build our supply chain in villages and towns and acquire new talent. A lot of people from Silicon Valley will be coming back to join us,” said Sachin Bansal, CEO, Flipkart.com. The company is also looking out for ‘strategic partnerships and acquisitions’. Payment and building seller ecosystem will be another key focus area.
Bansal said that an initial public offer is a long term option and the private investors are in no hurry for it. “We will only go for an IPO once we are stable and our business model has stopped evolving,” said Bansal. The company may take up to ten years to go for an IPO, he hinted.
Commenting on the threat of Amazon, Bansal said that the company is not worried about the competition and the latest fun-raising is all about building an ecosystem for e-commerce in India. We will hire about 1,000 more engineers this year, said Bansal.For more news and stories, join us on Facebook,Twitter , or contact us through our Email: firstname.lastname@example.org, email@example.com